To improve the performance of day-to-day activities, different industries are focusing on adopting more advanced and smart technologies. Smart parking meters are among the emerging advanced technologies that are rapidly gaining demand at present. Since the past few years, the automotive industry has witnessed exponential growth in production as well as demand, which is ultimately leading to an increase in the need for efficient parking management.

For managing these issues the smart parking meters are increasingly used. Moreover, rapid urbanization is leading to a reduction in parking space in public as well as residential areas, which is boosting the demand for smart parking meters for the management of this issue. The owners of parking areas are increasingly deploying the smart parking meters as these meters enable the virtualization of parking tickets by identifying the license plate numbers of vehicles. The manufacturers of smart parking meters are continually upgrading these meters to deliver more advanced products as well as to sustain in the changing global technological evolution of today.

Smart parking meters are available in attractive models and compact sizes. Smart parking meters make parking ticketing easier as well as free from human interference. As they are operated by vehicle drivers, smart parking meters are completely user operated and automatic in nature. The popularity of smart parking meters is increasing as they enable the owners of parking lots to utilise a saved database.

The prime factor fuelling the demand for smart parking meters is that these meters significantly reduce, or in some cases, eliminate the requirement of workforce to manage large or small parking areas. In addition, reduction in errors, improvements in the speed & efficiency of the parking process and reduction in the need for paper-based ticketing are some of the other factors fuelling the growth of the smart parking meters market. Vehicle owners also prefer smart parking meters as opposed to traditional manual entry processes as smart parking meters maintain the pay-per use-policy more effectively.

The applications of smart parking meters for on-road parking ticket collections for collecting fines from people who park their vehicles in no parking areas is another factor significantly fuelling the smart parking meters market as it helps reduce the burden on traffic police in the generation of digitalised parking tickets. On the other hand, the high cost of smart parking meters is one of the major factors hampering the growth of the smart parking meters market.

Global Smart Parking Meters Market: Segmentation

The global smart parking meters market is segmented on the basis of type, parking area and regions.

Segmentation Based on Type:

On the basis of type, the smart parking meters market is segmented into single-space smart parking meters and multi-space smart parking meters.

On the basis of parking area, the smart parking meters market is segmented into commercial area parking and residential area. The commercial area is further segmented into hospitals, hotels, malls and others.

Segmentation Based on Region:

On the basis of region, the smart parking meters market is segmented into North America, Latin America, Europe, Eastern Europe, CIS & Russia, Japan and MEA.

Global Smart Parking Meters Market: Key Players

Some of the key players in the global smart parking meters market include Acer Inc., IPS Group, Inc., IEM SA, Intercomp S.p.A. and Parkeon. The manufacturers of smart parking meters are focusing on integrating the latest technologies in meters to enhance the end-user experience and increase the efficiency of parking systems. Technologies such as NFC are being integrated into smart parking meters to deliver easy payment options.

Global Smart Parking Meters Market: Region Wise Outlook

In terms of revenue generation from the sale of smart parking meters, North America dominates the global smart parking meters market as the demand for smart parking solutions is rapidly increasing in this region due to an increase in parking issues fuelled by growth in the number of vehicles in this region. Western Europe is the second-largest market for smart parking meters due to an increase in the adoption of automated solutions to reduce the cost of labour and generate a customer-centric service delivery model for parking areas. The SEA & other APAC smart parking meters market is expected to grow at the highest CAGR over forecast period due to increasing government initiatives, such as smart city projects, in developing countries. On the other hand, the MEA smart parking meters market is expected to grow at moderate CAGR over forecast period due to the low adoption of new technologies due to lack of technical expertise required for managing smart parking meters.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.